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The US experienced twice the number of billion-dollar events in the 2010s than in the prior decade. -
As more claims emerge from the December-January fires, aggregate reinsurance contracts will be exposed to rising losses.
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Hiscox sold the parametric cyber cover to an as-yet-undisclosed buyer.
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The firms said their relationship would see RenRe sourcing capital to provide Beazley with cyber catastrophe reinsurance cover.
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The reinsurer pegged 2019 cat losses at $52bn, in line with long-term averages but 40 percent lower than 2018.
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The bushfires have drawn attention to extended hours clauses that allow insurers to group together claims as a single event.
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The Australian insurance organisation put cumulative insured losses at A$431mn ($299.1mn) for the bushfire season.
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It also put an A$166mn tally on a November Queensland hailstorm.
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The 2018 event cost insurers A$798mn, but storms and bushfires over the past month are not yet costly enough to be tracked by the agency.
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The loss tally includes a $7bn loss estimate for Typhoon Faxai and $8bn for Typhoon Hagibis.
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A bankruptcy court judge approved the utility's planned settlements with insurers and victims yesterday.
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The biggest risks still stem from natural catastrophes, finance and geopolitical issues.
